A report from Newsweek on California. "A San Francisco home has been sold at half…
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From the first 34 second video:
Prices are Dropping All Over the Bay Are
Bruno Versaci
Mar 2, 2023
The San Francisco Bay Area has long been known for its soaring real estate prices, fueled by a booming tech industry and a limited supply of housing. However, recent trends suggest that the once red-hot market may be cooling off.
One of the main drivers of the decline in San Francisco Bay Area real estate prices is the COVID-19 pandemic. With remote work becoming the norm for many employees, the allure of living in the city has diminished, and many are choosing to move to more affordable areas. Additionally, the pandemic has led to a slowdown in job growth, which has dampened demand for housing.
Another factor contributing to the decline in San Francisco Bay Area real estate prices is the exodus of residents. Many people are leaving the city and surrounding areas in search of more affordable housing and a better quality of life. This trend has been exacerbated by the pandemic, which has highlighted the drawbacks of living in dense urban areas.
The decline in real estate prices in the San Francisco Bay Area has been most pronounced in the rental market. According to data from Zumper, a real estate website, San Francisco rents have declined by nearly 25% since the start of the pandemic. This is due in part to a flood of new inventory on the market, as landlords struggle to fill empty units.
Sales prices have also declined, but to a lesser extent. According to data from Zillow, San Francisco home values have declined by around 4% since the start of the pandemic. While this may not sound like a significant drop, it represents a major shift in a market that has been characterized by double-digit price growth in recent years.
The decline in San Francisco Bay Area real estate prices has implications for both buyers and sellers. For buyers, this may be a good time to enter the market, as prices are more affordable than they have been in years. However, buyers should be aware that the market is still highly competitive, and bidding wars are common in desirable areas.
For sellers, the declining market may mean that they need to adjust their expectations. Homes may take longer to sell, and sellers may need to be more flexible on price in order to attract buyers. However, it’s important to note that the San Francisco Bay Area is still a highly desirable market, and there is likely to be continued demand for housing in the long term.
Overall, the decline in San Francisco Bay Area real estate prices is a significant trend that is likely to continue in the near term. While this may be a challenge for some homeowners, it also presents opportunities for buyers who have been priced out of the market in the past. Only time will tell what the long-term effects of this trend will be on the local housing market.
The second 7:32 video:
Portland Real Estate: Rising RATES, Falling SUPPLY, Strong Buyer DEMAND, SNOW!! What’s Going on?!
Ron Milligan
Mar 2, 2023 REALTOR RON MILLIGAN – RE/MAX SELECT
THIS WEEK – we’ve also got an update of FORECLOSURE numbers plus an update to the OREGON BOND Program – for 1st TIME HOME-BUYERS.
Do you want to know the very latest in Portland Oregon’s real estate market? You’re in the right place. Regular weekly updates on the health of the entire Portland Oregon metro area – including Southwest Washington. Here are the latest real estate stats for 2023.
“The San Francisco Bay Area has long been known for its soaring real estate prices, fueled by a booming tech industry and a limited supply of housing. However, recent trends suggest that the once red-hot market may be cooling off.”
Herbert Stein — ‘If something cannot go on forever, it will stop.’
Heating a house in San Jose with natural gas is getting mighty expensive these days. Meanwhile, PG&E Corp.’s Patricia Poppe compensation resembles that of royalty.
Experts at Edmunds estimate that the number of vehicles sales with a trade-in with negative equity — you sell a dealer a used car, and its price gets taken off the new car I’m buying — has increased from 14.9% in 2021 to 17.4% in 2022. Additionally, the amount owed on upside down car loans has increased from an average of $4,141 in 2021 to an average of $ 5,341 in 2022.
“Additionally, the amount owed on upside down car loans has increased from an average of $4,141 in 2021 to an average of $ 5,341 in 2022.”
That must be on the good side of town. Closer to the laundromats and railroad tracks there are lots of cars running around with a cracked windshield, expired tags and a bald space-saver tire.
Bail substantially reduced for accused Las Vegas serial rapist in U.S. illegally
Sewage pollution spilling over the border from Tijuana into the San Diego region not only threatens the health of surfers and swimmers but potentially those simply breathing the air.
That’s according to a study from UC San Diego’s Scripps Institution of Oceanography published Thursday in the journal Environmental Sciences & Technology, which found sewage-linked bacteria in sea-spray aerosols at Imperial Beach.
“Once pollutants become airborne that just means so many more people can be exposed to those pollutants,” said Kim Prather, principal investigator on the study and director of the Center for Aerosol Impacts on Chemistry of the Environment at Scripps. “It extends well beyond just people going to the beach or getting in the water.”
“The bottom line is we don’t know what the effect is yet of inhaling this cocktail that comes out of the ocean,” she said, adding: “This is tip of the iceberg. We’re trying to keep everybody calm.”
A shooting at a homeless encampment Tuesday in Tacoma that left a man and his dog dead began when the animal barked at the gunman in a tent, according to charging documents.
After the dog was shot, its alleged killer turned his weapon on the hound’s owner, records state.
Brandon Lee Archuleta, 36, was charged Wednesday in Pierce County Superior Court with first-degree murder, two counts of second-degree murder, first-degree animal cruelty and first-degree unlawful possession of a firearm.
Amid some truly ominous uncertainty about anti-drag legislation in Florida, Orlando drag event the Miss Rose Dynasty Pageant has been relocated from Orlando to Kissimmee mere days before it was set to take place.
Event organizers the Rose Dynasty Foundation — a Lakeland-based nonprofit that mentors area LGBTQ students — scrambled to move the fundraising show from its original site, the Dr. Phillips Center for the Performing Arts in Orlando, to Kissimmee’s Wyndham Orlando Resort. This process has involved the Foundation refunding tickets purchased for the Dr. Phillips Center and then contacting those same ticket-buyers to buy their tickets a second time for the Wyndham.
The Miss Rose Dynasty Pageant, intended to be a family-friendly, all-ages event, had an 18+ age limit for attendees placed on it by the Dr. Phillips Center. And though all of the drag performers set for the event were adults, a large number of the students assisted by the organization — some of whom would be performing a song-and-dance number (and no, they would not be performing in drag, for all you hate-clickers out there) — were thus effectively barred from attending.
Though the Foundation doesn’t fault the Dr. Phillips Center’s decision, a degree of frustration with the situation was palpable.
“Our vision and mission and purpose is all of our events are family-friendly,” said event organizer Jason DeShazo to the Orlando Sentinel. “There are children in this show, and I’m not telling them they can’t come.”
Mayor Adams’ administration is shelling out an average of nearly $5 million per day on housing and feeding migrants amid an ongoing surge in asylum seekers arriving from the U.S. southern border, according to a Daily News analysis.
Zach Iscol, Adams’ emergency management commissioner, said at a City Council hearing Friday that the administration is on average spending $363 per day on room and board for every person in its care. But later, Adams spokeswoman Kate Smart said the rate is a dollar higher — and that it applies to every asylum-seeking household in the city’s care, not to every individual.
In total, there are currently about 12,700 migrant households in the city’s shelters and Humanitarian Emergency Response and Relief Centers, commonly known as HERRCs, according to Adams’ office.
Based on the $364 daily rate, that means the city is on average spending $4.62 million every day on housing and food for those 12,700 households.
“This is not sustainable,” Iscol said of the city’s ballooning migrant crisis tab, which now tops $500 million.
Headcount plummets at Rocket, UWM mortgage companies
Crain’s Detroit|14 hours ago
Between Rocket Companies Inc. and UWM Corp., the number of employees of the metro Detroit mortgage giants dropped about 9,500 from 2021 to 2022. Southeast Michigan may still be the mortgage capital of the country,
Rocket, UWM shed thousands of workers in 2022
National Mortgage News|19 hours ago
The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021.
Five takeaways from Compass’ annual report
The Real Deal|22 hours ago
The brokerage had to drastically alter course last year as its biggest investor, SoftBank, pulled back on funding, U.S. home sales suffered a historic slowdown and Compass burned through over $600 million.
Citigroup (C) Cuts Jobs Across IB and Mortgage Divisions
YAHOO!Finance|21 hours ago
Citigroup Inc. C has initiated a round of job cuts, wherein it is cutting hundreds of jobs across the firm, which account for less than 1% of its total workforce. According to people familiar with the matter,
Headcount plummets at Rocket, UWM mortgage companies
This is a “good” beginning but:
I still need to see some big name non-bank mortgage companies go BK before I will think we are at the bottom of the mortgage cycle. I think the bottom for the mortgage industry is still a ways off.
I wonder how “Better” is faring.
From the first 34 second video:
Prices are Dropping All Over the Bay Are
Bruno Versaci
Mar 2, 2023
The San Francisco Bay Area has long been known for its soaring real estate prices, fueled by a booming tech industry and a limited supply of housing. However, recent trends suggest that the once red-hot market may be cooling off.
One of the main drivers of the decline in San Francisco Bay Area real estate prices is the COVID-19 pandemic. With remote work becoming the norm for many employees, the allure of living in the city has diminished, and many are choosing to move to more affordable areas. Additionally, the pandemic has led to a slowdown in job growth, which has dampened demand for housing.
Another factor contributing to the decline in San Francisco Bay Area real estate prices is the exodus of residents. Many people are leaving the city and surrounding areas in search of more affordable housing and a better quality of life. This trend has been exacerbated by the pandemic, which has highlighted the drawbacks of living in dense urban areas.
The decline in real estate prices in the San Francisco Bay Area has been most pronounced in the rental market. According to data from Zumper, a real estate website, San Francisco rents have declined by nearly 25% since the start of the pandemic. This is due in part to a flood of new inventory on the market, as landlords struggle to fill empty units.
Sales prices have also declined, but to a lesser extent. According to data from Zillow, San Francisco home values have declined by around 4% since the start of the pandemic. While this may not sound like a significant drop, it represents a major shift in a market that has been characterized by double-digit price growth in recent years.
The decline in San Francisco Bay Area real estate prices has implications for both buyers and sellers. For buyers, this may be a good time to enter the market, as prices are more affordable than they have been in years. However, buyers should be aware that the market is still highly competitive, and bidding wars are common in desirable areas.
For sellers, the declining market may mean that they need to adjust their expectations. Homes may take longer to sell, and sellers may need to be more flexible on price in order to attract buyers. However, it’s important to note that the San Francisco Bay Area is still a highly desirable market, and there is likely to be continued demand for housing in the long term.
Overall, the decline in San Francisco Bay Area real estate prices is a significant trend that is likely to continue in the near term. While this may be a challenge for some homeowners, it also presents opportunities for buyers who have been priced out of the market in the past. Only time will tell what the long-term effects of this trend will be on the local housing market.
The second 7:32 video:
Portland Real Estate: Rising RATES, Falling SUPPLY, Strong Buyer DEMAND, SNOW!! What’s Going on?!
Ron Milligan
Mar 2, 2023 REALTOR RON MILLIGAN – RE/MAX SELECT
THIS WEEK – we’ve also got an update of FORECLOSURE numbers plus an update to the OREGON BOND Program – for 1st TIME HOME-BUYERS.
Do you want to know the very latest in Portland Oregon’s real estate market? You’re in the right place. Regular weekly updates on the health of the entire Portland Oregon metro area – including Southwest Washington. Here are the latest real estate stats for 2023.
“The San Francisco Bay Area has long been known for its soaring real estate prices, fueled by a booming tech industry and a limited supply of housing. However, recent trends suggest that the once red-hot market may be cooling off.”
Herbert Stein — ‘If something cannot go on forever, it will stop.’
Heating a house in San Jose with natural gas is getting mighty expensive these days. Meanwhile, PG&E Corp.’s Patricia Poppe compensation resembles that of royalty.
Experts at Edmunds estimate that the number of vehicles sales with a trade-in with negative equity — you sell a dealer a used car, and its price gets taken off the new car I’m buying — has increased from 14.9% in 2021 to 17.4% in 2022. Additionally, the amount owed on upside down car loans has increased from an average of $4,141 in 2021 to an average of $ 5,341 in 2022.
https://www.msn.com/en-us/autos/buying/a-growing-number-of-car-buyers-have-loans-worth-more-than-their-vehicles-and-experts-are-worried-about-a-surge-of-delinquencies/ar-AA18bKcA
“Additionally, the amount owed on upside down car loans has increased from an average of $4,141 in 2021 to an average of $ 5,341 in 2022.”
That must be on the good side of town. Closer to the laundromats and railroad tracks there are lots of cars running around with a cracked windshield, expired tags and a bald space-saver tire.
Bail substantially reduced for accused Las Vegas serial rapist in U.S. illegally
https://www.8newsnow.com/investigators/bail-substantially-reduced-for-accused-las-vegas-serial-rapist-in-u-s-illegally/
No respect for the feckless public.
Sewage pollution spilling over the border from Tijuana into the San Diego region not only threatens the health of surfers and swimmers but potentially those simply breathing the air.
That’s according to a study from UC San Diego’s Scripps Institution of Oceanography published Thursday in the journal Environmental Sciences & Technology, which found sewage-linked bacteria in sea-spray aerosols at Imperial Beach.
“Once pollutants become airborne that just means so many more people can be exposed to those pollutants,” said Kim Prather, principal investigator on the study and director of the Center for Aerosol Impacts on Chemistry of the Environment at Scripps. “It extends well beyond just people going to the beach or getting in the water.”
“The bottom line is we don’t know what the effect is yet of inhaling this cocktail that comes out of the ocean,” she said, adding: “This is tip of the iceberg. We’re trying to keep everybody calm.”
https://www.latimes.com/california/story/2023-03-03/san-diegans-are-breathing-tijuana-sewage-coming-off-ocean-waves-in-imperial-beach
I know, wear a mouth hanky. Weather!
A shooting at a homeless encampment Tuesday in Tacoma that left a man and his dog dead began when the animal barked at the gunman in a tent, according to charging documents.
After the dog was shot, its alleged killer turned his weapon on the hound’s owner, records state.
Brandon Lee Archuleta, 36, was charged Wednesday in Pierce County Superior Court with first-degree murder, two counts of second-degree murder, first-degree animal cruelty and first-degree unlawful possession of a firearm.
https://www.msn.com/en-us/news/crime/barking-dog-sparked-fatal-tacoma-homeless-encampment-shooting-near-i-5-charges-say/ar-AA1873dw
Amid some truly ominous uncertainty about anti-drag legislation in Florida, Orlando drag event the Miss Rose Dynasty Pageant has been relocated from Orlando to Kissimmee mere days before it was set to take place.
Event organizers the Rose Dynasty Foundation — a Lakeland-based nonprofit that mentors area LGBTQ students — scrambled to move the fundraising show from its original site, the Dr. Phillips Center for the Performing Arts in Orlando, to Kissimmee’s Wyndham Orlando Resort. This process has involved the Foundation refunding tickets purchased for the Dr. Phillips Center and then contacting those same ticket-buyers to buy their tickets a second time for the Wyndham.
The Miss Rose Dynasty Pageant, intended to be a family-friendly, all-ages event, had an 18+ age limit for attendees placed on it by the Dr. Phillips Center. And though all of the drag performers set for the event were adults, a large number of the students assisted by the organization — some of whom would be performing a song-and-dance number (and no, they would not be performing in drag, for all you hate-clickers out there) — were thus effectively barred from attending.
Though the Foundation doesn’t fault the Dr. Phillips Center’s decision, a degree of frustration with the situation was palpable.
“Our vision and mission and purpose is all of our events are family-friendly,” said event organizer Jason DeShazo to the Orlando Sentinel. “There are children in this show, and I’m not telling them they can’t come.”
https://www.orlandoweekly.com/news/family-friendly-drag-event-the-miss-rose-dynasty-pageant-forced-to-move-from-orlando-at-last-minute-33681335
Check out the photo of this freak.
“Check out the photo of this freak.”
How’d like to nibble on that neck? 🙂
Mayor Adams’ administration is shelling out an average of nearly $5 million per day on housing and feeding migrants amid an ongoing surge in asylum seekers arriving from the U.S. southern border, according to a Daily News analysis.
Zach Iscol, Adams’ emergency management commissioner, said at a City Council hearing Friday that the administration is on average spending $363 per day on room and board for every person in its care. But later, Adams spokeswoman Kate Smart said the rate is a dollar higher — and that it applies to every asylum-seeking household in the city’s care, not to every individual.
In total, there are currently about 12,700 migrant households in the city’s shelters and Humanitarian Emergency Response and Relief Centers, commonly known as HERRCs, according to Adams’ office.
Based on the $364 daily rate, that means the city is on average spending $4.62 million every day on housing and food for those 12,700 households.
“This is not sustainable,” Iscol said of the city’s ballooning migrant crisis tab, which now tops $500 million.
https://www.msn.com/en-us/news/us/nyc-spending-an-average-of-nearly-5-million-per-day-on-housing-feeding-migrants-this-is-not-sustainable/ar-AA18c7no
Headcount plummets at Rocket, UWM mortgage companies
Crain’s Detroit|14 hours ago
Between Rocket Companies Inc. and UWM Corp., the number of employees of the metro Detroit mortgage giants dropped about 9,500 from 2021 to 2022. Southeast Michigan may still be the mortgage capital of the country,
Rocket, UWM shed thousands of workers in 2022
National Mortgage News|19 hours ago
The disclosures follow full year and fourth quarter earnings reports in which each company revealed big declines from booming performances in 2021.
Five takeaways from Compass’ annual report
The Real Deal|22 hours ago
The brokerage had to drastically alter course last year as its biggest investor, SoftBank, pulled back on funding, U.S. home sales suffered a historic slowdown and Compass burned through over $600 million.
Citigroup (C) Cuts Jobs Across IB and Mortgage Divisions
YAHOO!Finance|21 hours ago
Citigroup Inc. C has initiated a round of job cuts, wherein it is cutting hundreds of jobs across the firm, which account for less than 1% of its total workforce. According to people familiar with the matter,
𝗗𝗲𝗻𝘃𝗲𝗿, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗘𝘅𝗰𝗲𝘀𝘀, 𝗘𝗺𝗽𝘁𝘆 𝗔𝗻𝗱 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝗲𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗦𝗼𝗮𝗿𝘀
https://www.movoto.com/denver-co/market-trends/
𝘈𝘴 𝘰𝘯𝘦 𝘭𝘦𝘯𝘥𝘦𝘳 𝘦𝘹𝘱𝘭𝘢𝘪𝘯𝘦𝘥 𝘢𝘯𝘰𝘯𝘺𝘮𝘰𝘶𝘴𝘭𝘺, “𝘈𝘱𝘱𝘳𝘢𝘪𝘴𝘢𝘭 𝘧𝘳𝘢𝘶𝘥 𝘪𝘴 𝘩𝘰𝘸 𝘸𝘦 𝘥𝘰 𝘪𝘵 𝘩𝘦𝘳𝘦 𝘪𝘯 𝘊𝘰𝘭𝘰𝘳𝘢𝘥𝘰.”
Headcount plummets at Rocket, UWM mortgage companies
This is a “good” beginning but:
I still need to see some big name non-bank mortgage companies go BK before I will think we are at the bottom of the mortgage cycle. I think the bottom for the mortgage industry is still a ways off.
I wonder how “Better” is faring.